Press release from Business Wire
Cobalt International Energy, Inc. Announces Heidelberg #2 Abandonment and Drilling of Substitute Well
Thursday, April 29, 2010
Cobalt International Energy, Inc. Announces Heidelberg #2 Abandonment and Drilling of Substitute Well17:00 EDT Thursday, April 29, 2010 HOUSTON (Business Wire) -- Cobalt International Energy, Inc. (“Cobalt”) (NYSE: CIE) today announced that it had been notified by Anadarko Petroleum Corporation (“Anadarko”), as operator, that the appraisal well spud on February 17, 2010 on Green Canyon Block 903, referred to as Heidelberg #2, will be permanently plugged and abandoned due to mechanical problems. Heidelberg #2 did not reach the depth necessary to test any targeted objectives because of these mechanical problems. Anadarko plans to drill a substitute appraisal well on Green Canyon Block 903. This well's geologic objectives will be identical to Heidelberg #2. Drilling operations will commence as soon as possible with the Ensco 8500 which is currently on location. Cobalt has a 9.375% working interest in the well. Anadarko operates Green Canyon Blocks 859 and 903 with a 44.25%, with our other co-owners holding the remaining interests. About Cobalt Cobalt is an independent oil and gas exploration and production company focusing on the deepwater U.S. Gulf of Mexico and offshore Angola and Gabon. Cobalt was formed in 2005 and is headquartered in Houston, Texas. Forward Looking Statements This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 — that is, statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. For further discussion of risks and uncertainties, individuals should refer to Cobalt's SEC filings. Cobalt undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.